EX-20.1 3 dex201.htm EXCESS SPREAD ANALYSIS Excess Spread Analysis

 

Exhibit 20.1

 

PARTNERS FIRST CREDIT CARD MASTER TRUST

 

EXCESS SPREAD ANALYSIS—APRIL 2003

 

Series

   

 

* 1998-3

 

Deal Size

   

$

750 MM

 

Expected Maturity

   

 

07/15/03

 

Yield

   

 

5.67

%

Less: Coupon

   

 

1.40

%

Servicing Fee

   

 

0.34

%

Net Credit Losses

   

 

2.25

%

Excess Spread:

         

April-03

   

 

1.68

%

March-03

   

 

2.59

%

February-03

   

 

1.86

%

Three month Average Excess Spread

   

 

2.04

%

Delinquencies:

         

30 to 59 Days

   

 

1.65

%

60 to 89 Days

   

 

1.18

%

90 + Days

   

 

2.45

%

Total

   

 

5.28

%

Payment Rate:

   

 

9.41

%